ISA Saver Fixed

0.20% tax free/AER paid annually on balances £1 or more.

It’s a fixed interest rate. You can choose to have this paid monthly, or after 12 months on the date you opened the account.

No. This account has a fixed rate of interest so the rate won’t change during the term.

For example, if you deposit £1000.00 when you open the account, the balance after 24 months will be £1004.00.

This assumes:

• Interest is paid into this account every year.
• You add the money the day you open the account. You then don’t add any more money.
• You don't withdraw any money or interest.

This account can be opened and managed:

• online
• on our app
• in branch
• by phone

You can open this account if: 

• You're 16 or over and resident in the UK for tax purposes.
• You have a national insurance number.
• You haven't paid into a cash ISA this tax year with us or another bank, unless you plan to transfer the money into this account.

Bear in mind:

• You can only open this account in your sole name.
• You need to deposit £500 or more within 60 days of opening the account. After the 60 days are up, you won’t be able to make any more deposits.
• You can transfer over an ISA with us or another bank. To do so, open this account and then do an ISA transfer.
• The term starts on the day you open the account.
• If you change your mind, you can cancel the account free of charge within 14 days of opening.

Managing the account

• You can save up to £20,000 in a combination of permitted ISAs this tax year.
• You can only save into one cash ISA in a tax year, unless you do an ISA transfer. This includes Help to Buy: ISAs and cash ISAs with other banks.
• You can make as many deposits as you’d like within the first 60 days up to £20,000.

You can’t make any withdrawals from this account, but you can close the account early. Bear in mind that if you close the account early or transfer money to another ISA, you’ll be charged the equivalent of 180 days’ tax-free interest. This means you may get back less than you put in. 

Any money you move to an account that isn't an ISA will lose its tax-free status. Tax treatment depends on your individual circumstances and may change in the future.

After the fixed term ends, your account will change to an Instant ISA Saver. Before this happens, we'll contact you to explain your options and next steps.

Savings terms explained

Tax free means you will not pay income tax on your interest.

AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.

For more definitions, view our savings glossary.